As I write this article ahead of the October 1st publication deadline, both new listing activity and sales activity remained below expectations during the month of September.

Listing prices are all over the map, confusing not only sellers and buyers but yours truly as well. Frankly, I believe many of the list prices are high based on the current market conditions, which is part of the reason we have witnessed lower than expected sales activity in the Centre Wellington market.

And keep in mind I make that comment as a top listing realtor in the area; but I would rather be honest with my clients than setting them up for disappointment. Prices in markets around us like Kitchener Waterloo have dropped about 32% from the highs at the start of the year, so our pricing is starting to look a little high in comparison.

If you are thinking of selling and are holding off until January or February when you believe the market will improve, my opinion is things will not be better by then. In fact, it is my prediction that pricing in our area will continue to soften over the next number of months.

So, my advice is this: if you are thinking of selling, get your home on the market – and price it right. It may take longer to sell than over the last couple of years, but it will sell.

Historically homes sold in 60 days or so, but we have recently been used to homes selling in a week or less. Be patient. If you are currently on the market and your home isn’t selling, pulling it off and waiting until February and putting it back on the market at the same price isn’t the answer.

Correct pricing is key. An overpriced home now will still be overpriced at that price in February. Remember, all things are relative. You may be selling for less, but you are also buying for less.

Notwithstanding the above, I characterize the current market as simply being in “pause” mode. Prices in our area are not going to crash. Many buyers are simply taking a break on the sidelines to see where the market is at – and waiting for some sellers to price more in line with the current market conditions.

The large interest rate hikes are now behind us, which is a good thing (I do expect a couple more rate increases, just not as big). If you are a buyer waiting – thinking prices are going to crash – I believe you are making a mistake.

Given the supply and demand situation – especially in our area – we may continue to see some further softening of prices in the short term, but widespread “firesale” pricing and power of sales are not going to happen. But there will be good buying opportunities over the next few months.

For sellers, there is no reason to panic. Yes, the market has given back all the increases gained in early 2022, but home prices are still significantly higher than a couple years ago, and real estate remains a good long-term investment.

For an honest and straightforward conversation on your real estate needs, feel free to call me anytime at 519-766-3716.

Until next month, take care.

George